Estate Tax Filings and Date of Death Appraisals

Size: px
Start display at page:

Download "Estate Tax Filings and Date of Death Appraisals"

Transcription

1 Date of Death Appraisal Services Estate Appraiser Retrospective Estate Valuations Real Estate Death Tax Specialists Los Angeles, Orange County, San Diego, Riverside County, San Bernardino County, Ventura County Principal - Warren K. Hoppke, SRPA, ASA Senior Real Property Analyst Member Appraisal Institute Robert Nord, MAI Real Estate Consultant Member Appraisal Institute Estate Tax Filings and Date of Death Appraisals There are many estate planning or trust situations where you need an experienced, qualified, and designated real estate appraiser to prepare a retrospective "Fair Market Value" (FMV) date of death appraisal. Estates consisting of commercial, industrial or residential real estate may need valuations for different forms of ownership including fractional interests. As an executor or administrator of a estate you have been entrusted to carry out the wishes of the deceased estate plan as swiftly and exactly as possible. Federal estate tax returns are required whenever the total value of the decedent s assets exceed the applicable filing thresholds. Effective for 2009 if the total value of a decedent s assets exceed $3,500,000, a Federal estate tax return will be required; for 2010 the estate tax has been repealed; for 2011 $5,000,000 exemption and a maximum top tax rate of 35%, and for 2012 it will go back to $1,000,000 exemption with a 55% tax rate unless congress acts again. The IRS has issued a new Form 8939 Allocation of Increase in Basis for Property Acquired From a Decedent and is due November 15, The form provides guidance to an executor of an estate on the treatment of basis for certain types of estates who died in 2010 to opt out of the estate tax and have the carryover basis rules apply. The new form must be attached to the decedent's final 2010 return if the decedent's gross estate exceeds $1.3 million. The failure to do so could subject the taxpayer to a $10,000 penalty. It is probably good practice to attach the 8939 form even if not mandatory for several reasons: (1) beneficiary basis can be established (2) to initiate a 3-year period for valuation challenges by the IRS. For gift tax when the valuation of the gift exceeds $13,000. Generally, for personal property Treasury Regulation Section (b) generally requires that when any one article has a value exceeding $5,000, or if the total value of a collection of similar articles has a value exceeding $10,000, an appraisal must be filed with the return. As an executor of a decedent's estate your attorney, accountant, CPA, or tax professional will most likely be filing tax forms 1041, 1040(e), new 8939, takes the place of 706, 706A to figure the estate tax imposed by Chapter 11 of the Internal Revenue Code or for gift tax form 709, 1099-R and /6

2 Estate 9/26/12Tax Appraiser Date of Death Appraisers Estate Planning Appraisal Services Southern Califori Choosing an Appraiser for Estate Planning New proposed IRS Tax Regulations (26 CFR part 1) requires taxpayers to obtain a "qualified appraisal" on real property by a "qualified appraiser" as per IRC Section 170(f) (11)(E)(iii)(ii). The IRS has defined the appraisal standards that must be met along with verifiable minimum education, has earned an appraisal designation from a recognized organization, and/or have equivalent experience in valuing the type of property being appraised. The residential or commercial appraiser must have experience with IRS Real Property Valuation Guidelines. Treasury Regulation Section (b) requires a residential or commercial appraiser to follow the valuation guide lines when preparing a residential home or commercial real estate appraisal for tax purposes or retrospective date of death valuations. Moreover, the appraiser should hold a designation and be qualified as stated under regulations Section 1.170A-17(a). Additionally, information that should be stated in the appraisal is set forth in Rev. Proc , 1966 C.B For example, utilizing the correct definition of "Market Value", "Use Value", "Fair Market Value", "Intrinsic Value", or "Investment Value" means the difference between a disputed appraisal and one that is prepared correctly. Anselmo v. Commissioner, the Court states there is no distinction between the measure of "Fair Market Value" for estate and gift tax purposes and charitable contributions. In addition, Rev. Proc , C.B. 565 indicates guide lines for the "Market Approach" also known as the "Market Comparison Approach", better known in appraising for federally related transactions as the "Sales Comparison Approach". Similarly, Rev. Rul , 1968 C.B. 327 provides the general approach, methods and factors outlined in Rev. Rul , C.B All of these requirements should be met when preparing date of death appraisals. Any opinion of value (appraisal) prepared by a certified or licensed residential home or commercial real estate appraiser for use in planning an estate and in documents filed with the revenue authorities, should be well supported by a detailed report as to how the appraiser arrived at his conclusions. Such a report should demonstrate to the user that the appraisal is well founded, substantiated, and meets with Treasury Regulations and state agency requirements. It is also wise to avoid submitting an appraisal that is more than two years old and one that does not meet other specific IRS guide lines. Additionally, the IRS looks at the accreditation of the appraiser, the rationale of the "Fair Market Value" opinion, the validity of the comparable research, and the overall professionalism of the appraisal report. Establishing Basis for Estate Planning Purposes As an appraiser, we are often called upon to prepare a date of death appraisal for an estate or trust to establish "basis" for estate tax liability or trust purposes by a certified designated residential or commercial real estate appraiser. If the property was acquired from a decedent the basis is typically the fair market value on the date of the decedent s death (I.R.C. 1014). An alternative valuation date may be chosen by the executor that is six months after the date of death, and typically, only if a tax savings can be shown by your tax preparer, accountant or real estate attorney. Retrospective Commercial Appraisal Often, the date of death (effective date of the appraisal) differs from the date of the inspection and the date of the appraisal report. As designated experienced real estate appraisers we are familiar with the procedures and requirements necessary to perform residential or commercial appraisals that match the retrospective date of death. Because multiple listing services and many commercial real estate data base services often purge data after 3 or 4 years. Therefore, if an the effective date of an appraisal is over 3 years the appraiser must be aware of other residential or commercial data sources and how to utilize those data sources to obtain verifiable comparable sales information. 2/6

3 comparable sales information. Avoiding Penalties Taxpayers may be liable for additional penalties if the valuation does not adhere to IRS Real Property Valuation Guidelines. Penalties can range from approximately 20% to 40%. In preparing a date of death appraisal for estate tax return filing purposes the IRS requires the appraiser to follow IRS Real Property Valuation Guidelines and specific appraisal guidelines. In addition, it is also important to provide a well documented home appraisal or commercial appraisal with the appropriate valuation techniques, especially if fractional interest & blockage discounts or other interests are involved. In some cases, this could mean the difference of whether or not the respondent is required to pay additional estate tax. Moreover, if the estate tax is later challenged in a court of law, the appraiser must be qualified to testify as an expert witness on behalf of the respondent. Reviewing the Appraisers Credentials We believe appraisals prepared or supervised by a Member of the Appraisal Institute are among the highest quality in the appraisal industry. Appraisal Institute Members who hold the highest industry appraisal designations have the necessary real estate educational background and years of appraisal experience needed to properly complete appraisals. Warren K. Hoppke,SRPA, ASA Principal of AppraiserValues.com is a Member of the Appraisal Institute and a Senior Real Property Analyst and has over 30 years experience in both residential and commercial appraisals. Attorneys, accountants, financial planners, executors and others rely on AppraiserValues.com for "date of death" real estate valuations and trust appraisal services because we have years of real estate experience and training in preparing residential and commercial appraisal reports. Utilizing the correct definition of "Market Value" or "Fair Market Value" is just one of the many IRS guide lines that we follow in preparing valuations for estate planning and tax purposes. Real estate isn't like publicly traded stock or other items which fluctuate in value daily. You need a professional designated commercial real estate appraiser to determine "Fair Market Value", who is bound by the Uniform Standards of Professional Appraisal Practice (USPAP) for a high degree of confidentiality and professionalism. Additionally, you need the kind of quality report and work product IRS and taxing authorities, courts, and real estate attorneys want and expect. For more information click on estate planning Tax appraisals or expert witness. Please browse our website to learn more about our qualifications, expertise and services offered. Fractional Interest Valuation Real estate can be held under various forms of ownership including cotenancy (undivided fractional interests), partnership, LLC, Q-Tip Trusts, and other forms of ownership. The type of ownership can affect the valuation. Real Estate Planning By Robert J. Bruss Inman News Here are some additional issues that frequently arise regarding principal residence sales: 1 Principal residence sale in the year of a spouse's death. IRC 121(b)(2) says the $500,000 principal residence sale exclusion is available for the sale of the marital home if the sale closes in the tax year of a spouse's death. Although the IRS considered extending this time limit beyond the year 3/6

4 tax year of a spouse's death. Although the IRS considered extending this time limit beyond the year of a spouse's death, it found there is no authority to do so without the approval of Congress. The tax reason is that a surviving spouse can only file a joint tax return with the deceased spouse for the tax year of that spouse's death, but not in future tax years after that. Purchase Bob Bruss reports online. However, this is not such a "big deal," as many surviving spouses believe. If the surviving spouse inherits the deceased spouse's half of the home, the surviving spouse receives a new basis on that inherited 50 percent "stepped-up" to market value as of the date of the spouse's death. If the principal residence is in a community property state, the surviving spouse usually receives a new stepped-up basis on 100 percent of the home's entire market value on the date of death. This stepped-up basis for the deceased spouse's interest in the home usually is far more important than the $500,000 principal residence sale tax exemption, which is available only in the year of death when a joint income tax return can still be filed. The only time the surviving spouse is usually hurt financially occurs if title to the residence was held in the name of the surviving spouse alone so there was nothing to inherit from the deceased spouse. Then the surviving spouse does not receive a new stepped-up basis because he or she already held full title. 2 Holding title in a living trust doesn't change eligibility for the $250,000/$500,000 exemption. When title to a principal residence is held in a trust for the benefit of the trustor, such as a living trust that avoids probate costs and delays, the method of holding title is disregarded for purposes of IRC 121 tax exemptions. "The sale by the trust will be treated for federal income tax purposes as if made by the grantor," IRS regulations explain. 3 Sale of a partial interest in a principal residence won't increase the exemption. At the time a qualified principal residence owner sells a partial interest in the home, such as a sale to a son or daughter, that sale can qualify for the $250,000 or $500,000 exemption. But this is not a tax loophole to allow the seller one exemption for a partial sale now and another exemption in the future when selling another partial interest. The IRS regulations clearly state that the maximum $250,000/$500,000 exemptions cannot be exceeded when selling partial interests in the seller's principal residence. 4 Exempt principal residence sales need not be reported to the IRS. The IRS regulations state: "Reporting of an excluded gain is unnecessary and would be unduly burdensome for taxpayers." However, if your principal residence sale is partially taxable, such as when your capital gain exceeds the $250,000 or $500,000 exemption, your home sale should be reported on Schedule D of your federal income tax returns, clearly showing the exclusion amount. Summary: The $250,000 and $500,000 principal residence sale capital gain exclusions are major tax benefits for home sellers who understand how to maximize their exemptions. More details can be found in the IRS Regulations at IR , available on the IRS Web site at with a link to the IR regulations as published in the Federal Register. (For more information on Bob Bruss publications, visit his Real Estate Center). *** What's your opinion? Send your Letter to the Editor to opinion@inman.com. Copyright 2005 Robert Bruss Definitions: Executor (Executors) An executor is the personal representative, executor, executrix, trust administrators, or administratrix of the deceased person's estate. If no executor is appointed, qualified, and acting in the United States, every person in actual or constructive possession of any of the decedent's property must file a tax return. If more than one person must file, it is preferable that they join in filing one complete return. Otherwise, each must file as complete a tax return as possible, including a full description of the property and each person's name who holds an interest in it. 4/6

5 description of the property and each person's name who holds an interest in it. We provide real estate appraisal services for federal and state estate tax return filings, charitable contribution, gift planning, donation, donee beneficiary, inheritance tax planning, financial planning of an estate or living trust, trusts & wills, family trust, tax liability requiring an appraisal for IRS purposes, disposition of an asset under a will or in probate, estate planning attorney services, law and litigation support, retrospective appraisal death tax, IRS 706 filing, setting up a family trust or family limited partnership, partnership dissolution, corporation asset valuations, appraisal services for partitioning of property in an estate or trust, fractional valuations, partial interest, revocable living trust, charitable remainder trust, gift 709 filing, tax liens, tax appeal, probate, bankruptcy, alternative valuation date 706-NA tax return filing, appraisals for litigation purposes including real estate expert witness testimony, tax attorney appraisal services, and real estate litigation support services. Disclaimer: All information that we provide on our web site is of a general nature. It is not intended to address the circumstances of any particular individual or entity. Even though we strive to provide accurate and timely information, we do not guarantee that such information is accurate. No one should act upon such information without appropriate professional advice after a thorough examination of the facts of their particular situation. We are real estate experts and not attorney's, tax professionals, financial planners or accountants. The above is not intended to give advise on legal, tax, financial planning, or accounting matters. Please check with your attorney, tax advisor, financial planner, and accountant for information regarding said matters. California Real Estate Appraisers Commercial Appraiser Commercial Real Estate Appraisers Commercial Real Estate Commercial Real Estate Orange County Commercial Real Estate Industrial Real Estate Appraiser Restaurant Appraiser Gas Station Appraiser Apartment Appraiser Shopping Center Appraiser Office Building Appraiser Recording Studio Appraiser Vacant Land Appraiser Ranch Appraiser Easement Appraiser Landslide Appraiser Warehouse Appraiser Self Storage Appraiser Automotive Commercial Centers Appraiser California Copyright Since 2003 AppraiserValues.com all rights reserved. Trademark: AppraiserValues.com AppraiserValues.com 4570 Campus Dr., Suite 100 Newport Beach, CA Phone: Fax: fast@appraiservalues.com Orange County Appraisers Riverside Appraiser San Diego Appraiser PropertyTax Assessment Appeal Construction Defect Appraisals California Appraiser Real Estate Experts Los Angeles Appraisal Estate Appraisers Divorce Appraiser Expert Witness Real Estate Commercial Real Estate News Home Site Map Appraisal Fraud MAI Appraisal Designation Relocation Real Estate Appraiser Foreclosure REO Real Estate Partial Interest Valuation Commercial Review Appraiser Copyright 2012 AppraiserValues.com Portions Copyright 2012 a la mode, inc. Another XSite by a la mode, inc. Admin Login Terms of Use Site Map 5/6

6 This ad is supporting your extension PageRank: More info Privacy Policy Hide on this page 6/6

20. Income Tax Consequences at Death

20. Income Tax Consequences at Death 20. Income Tax Consequences at Death When you die, your income tax situation changes: your estate becomes a separate taxpayer and your tax situation is more complicated. However, the situation also presents

More information

Estate Planning. Farm Credit East, ACA Stephen Makarevich

Estate Planning. Farm Credit East, ACA Stephen Makarevich Estate Planning Farm Credit East, ACA Stephen Makarevich Farm Business Consultant 9 County Road 618 Lebanon, NJ 08833 1.800.787.3276 stephen.makarevich@farmcrediteast.com 1 What is Estate Planning? 2 Estate

More information

Presentations also allow you to add an introductory note specifically for the client receiving the presentation.

Presentations also allow you to add an introductory note specifically for the client receiving the presentation. Firm Name Team Name (if one) CPA Planner Name, Credentials Title Street Address City, NY 13160 Phone number xext # Alternate phone # address@email.com website URL Estate Tax Presentations also allow you

More information

Planning your estate

Planning your estate Planning your estate A general guide to estate planning Policies issued by: American General Life Insurance Company The United States Life Insurance Company in the City of New York What is estate planning?

More information

Preparing a Federal Estate Tax Return Form 706, By Yahne Miorini, LL.M.

Preparing a Federal Estate Tax Return Form 706, By Yahne Miorini, LL.M. You must attach to the return a certified copy There are 5 parts in the Form 706, 9 schedules to determine the gross estate, and 7 schedules for deductions. It is a good practice to include all of the

More information

AMBRECHT & ASSOCIATES

AMBRECHT & ASSOCIATES AMBRECHT & ASSOCIATES TAX AND ESTATE PLANNING ATTORNEYS JOHN W. AMBRECHT, JD, MBA, LLM 1224 COAST VILLAGE CIRCLE, SUITE 32 BROOKE T. CLEARY, JD, LLM SANTA BARBARA, CA 93108 PARALEGALS: (ADMITTED ALSO IN

More information

United States Estate (and Generation-Skipping Transfer) Tax Return

United States Estate (and Generation-Skipping Transfer) Tax Return Form 706 (Rev. August 2013) Department of the Treasury Internal Revenue Service United States Estate (and Generation-Skipping Transfer) Tax Return Estate of a citizen or resident of the United States (see

More information

U.S. GIFT (AND GENERATION-SKIPPING TRANSFER) TAX RETURN CHECKLIST 2013- FORM 709 (For Gifts Made During Calendar Year 2013)

U.S. GIFT (AND GENERATION-SKIPPING TRANSFER) TAX RETURN CHECKLIST 2013- FORM 709 (For Gifts Made During Calendar Year 2013) U.S. GIFT (AND GENERATION-SKIPPING TRANSFER) TAX RETURN CHECKLIST 2013- FORM 709 (For Gifts Made During Calendar Year 2013) ClientName: Client Number: Prepared by: Date: Reviewed by: Date: 100) GENERAL

More information

14. Probate in the State of Washington

14. Probate in the State of Washington -63-14. Probate in the State of Washington What Is Probate? Probate is a court-supervised procedure that determines the ownership of property of a deceased person (a decedent). When a person dies, all

More information

The. Estate Planner. Is your estate plan flexible? Estate tax law uncertainty requires options. No time like the present

The. Estate Planner. Is your estate plan flexible? Estate tax law uncertainty requires options. No time like the present The Estate Planner July/August 2012 Is your estate plan flexible? Estate tax law uncertainty requires options No time like the present With favorable estate tax and real estate environments, use a QPRT

More information

ESTATE PLANNING OUTLINE

ESTATE PLANNING OUTLINE ESTATE PLANNING OUTLINE By LEONARD S. ROTH Attorney and Counselor at Law The Law Offices of Leonard S. Roth, P.C. 4265 San Felipe, Fifth Floor Houston, Texas 77027 (713) 622-4222 Board Certified in Tax

More information

Form CT-706 NT Instructions Connecticut Estate Tax Return (for Nontaxable Estates)

Form CT-706 NT Instructions Connecticut Estate Tax Return (for Nontaxable Estates) (Rev. 05/14) Form CT-706 NT Instructions Connecticut Estate Tax Return (for Nontaxable Estates) General Information For decedents dying during 2014, the Connecticut estate tax exemption amount is $2 million.

More information

Gifting: A Property Transfer Tool of Estate Planning

Gifting: A Property Transfer Tool of Estate Planning Gifting: A Property Transfer Tool of Estate Planning by Marsha A. Goetting, Ph.D., CFP, CFCS, Professor and Extension Family Economics Specialist; and Joel Schumacher, Extension Economics Associate Economics

More information

Irrevocable Life Insurance Trusts: Perhaps the Best Kept Secret in Tax Savings

Irrevocable Life Insurance Trusts: Perhaps the Best Kept Secret in Tax Savings Irrevocable Life Insurance Trusts: Perhaps the Best Kept Secret in Tax Savings A. Jude Avelino * Life insurance is protection against the death of an individual in the form of payment to a beneficiary,

More information

Estate Planning Checklist

Estate Planning Checklist Heritage Trust Retirement and Investment Dennis Bailey Financial Advisor 200 Marymeade Drive 843-832-7529 dbailey@moneyconcepts.com Estate Planning Checklist Page 1 of 6, see disclaimer on final page Estate

More information

AMERICAN JOURNAL OF FAMILY LAWYERS PRE & POST NUPTIAL AGREEMENTS GENERAL ESTATE PLANNING ISSUES

AMERICAN JOURNAL OF FAMILY LAWYERS PRE & POST NUPTIAL AGREEMENTS GENERAL ESTATE PLANNING ISSUES AMERICAN JOURNAL OF FAMILY LAWYERS PRE & POST NUPTIAL AGREEMENTS GENERAL ESTATE PLANNING ISSUES BETH S. COHN, ESQ. JABURG & WILK, P.C. 3200 N. Central Avenue, Suite 2000 Phoenix, Arizona 85012 Direct Dial

More information

Divorce and Life Insurance. in brief

Divorce and Life Insurance. in brief Divorce and Life Insurance in brief Divorce and Life Insurance Introduction In a divorce, property is divided between the spouses. In addition, a divorce decree may require that one spouse pay alimony

More information

Required Minimum Distributions: What Every Advisor Needs to Know FOR FINANCIAL PROFESSIONAL USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION.

Required Minimum Distributions: What Every Advisor Needs to Know FOR FINANCIAL PROFESSIONAL USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION. Required Minimum Distributions: What Every Advisor Needs to Know 1 Required Minimum Distributions Upon reaching age 70½, clients must begin taking annual distributions from their IRA in accordance with

More information

BARBER EMERSON, L.C. MEMORANDUM ESTATE FREEZING THROUGH THE USE OF INTENTIONALLY DEFECTIVE GRANTOR TRUSTS

BARBER EMERSON, L.C. MEMORANDUM ESTATE FREEZING THROUGH THE USE OF INTENTIONALLY DEFECTIVE GRANTOR TRUSTS BARBER EMERSON, L.C. MEMORANDUM ESTATE FREEZING THROUGH THE USE OF INTENTIONALLY DEFECTIVE GRANTOR TRUSTS I. INTRODUCTION AND CIRCULAR 230 NOTICE A. Introduction. This Memorandum discusses how an estate

More information

The Perils and Prospects of Portability

The Perils and Prospects of Portability Gift and Estate Tax Planning Insights The Perils and Prospects of Portability Jeffrey M. Cheyne, Esq. With the passage of federal tax relief laws in recent years, the porting of unused federal estate tax

More information

The Basics of Estate Planning

The Basics of Estate Planning The Basics of Estate Planning Introduction The process of estate planning can be a daunting prospect. Often individuals will avoid the process altogether. Obviously, this is not the best approach since

More information

Instructions for Completing Indiana Inheritance Tax Return

Instructions for Completing Indiana Inheritance Tax Return Instructions for Completing Indiana Return This form does not need to be completed for those individuals dying after Dec. 31, 2012. For those individuals dying before Jan. 1, 2013, this form may need to

More information

Form CT-706 NT Instructions Connecticut Estate Tax Return (for Nontaxable Estates)

Form CT-706 NT Instructions Connecticut Estate Tax Return (for Nontaxable Estates) (Rev. 06/11) Form CT-706 NT Instructions Connecticut Estate Tax Return (for Nontaxable Estates) General Information For decedents dying on or after January 1, 2011, the Connecticut estate tax exemption

More information

WHAT YOU NEED TO KNOW ABOUT SETTLING AN ESTATE. A handy guide to the steps necessary to settle an estate in Maryland.

WHAT YOU NEED TO KNOW ABOUT SETTLING AN ESTATE. A handy guide to the steps necessary to settle an estate in Maryland. WHAT YOU NEED TO KNOW ABOUT SETTLING AN ESTATE A handy guide to the steps necessary to settle an estate in Maryland. WHAT YOU NEED TO KNOW ABOUT SETTLING AN ESTATE This publication provides general information

More information

Avoiding Tax Surprises In Trust And Estate Litigation: Transfer Tax Aspects Of Settlements

Avoiding Tax Surprises In Trust And Estate Litigation: Transfer Tax Aspects Of Settlements Avoiding Tax Surprises In Trust And Estate Litigation: Transfer Tax Aspects Of Settlements Julie K. Kwon A. Introduction 1. Parties negotiating the resolution of their disputes regarding interests in trusts

More information

Real Estate Withholding Guidelines

Real Estate Withholding Guidelines State of California Franchise Tax Board FTB Publication 1016 Real Estate Withholding Guidelines Contents Purpose... 2 Legal Authority... 2 General Information... 2 Definitions... 2 Real Estate Withholding

More information

LLC OUTLINE Table of Contents

LLC OUTLINE Table of Contents LLC OUTLINE Table of Contents I. INTRODUCTION... 1 A. Consider The Following Example:... 1 1. How should this trio proceed to organize?... 1 2. A Better Choice:... 1 B. Limited Liability Company... 2 1.

More information

Estate Planning Basics

Estate Planning Basics ABSTRACT When the 2001 Economic Growth and Tax Relief Reconciliation Act expired in 2010, Congress extended the law through the end of the year 2012 and increased the estate tax exemption. The American

More information

Sample Corporate Cross Purchase Agreement

Sample Corporate Cross Purchase Agreement Sample Corporate Cross Purchase Agreement (Optional Disability Buy-Out) This sample agreement has been prepared as a guide to assist attorneys. Our publication, Buy-Sell Arrangements, A Guide for Professional

More information

Federal Estate Tax. MontGuide

Federal Estate Tax. MontGuide Federal Estate Tax by Marsha A. Goetting, Ph.D., CFP, CFCS, Professor and Extension Family Economics Specialist; Joel Schumacher, Extension Associate Economics Specialist, Department of Agricultural Economics

More information

Bypass Trust (also called B Trust or Credit Shelter Trust)

Bypass Trust (also called B Trust or Credit Shelter Trust) Davis & Graves CPA LLP Jerry Davis, CPA/PFS 700 N Main Gresham, OR 97009 503-665-0173 jerryd@davisgraves.com www.jjdcpa.com Bypass Trust (also called B Trust or Credit Shelter Trust) Page 1 of 9, see disclaimer

More information

ESTATE SETTLEMENT BASICS

ESTATE SETTLEMENT BASICS ESTATE SETTLEMENT BASICS by Steven D. Beres Florida Bar Board Certified Wills, Trusts & Estates Lawyer The steps necessary to properly settle an estate upon the death of a family member or friend vary

More information

Split-Interest Charitable Giving Techniques in brief

Split-Interest Charitable Giving Techniques in brief Split-Interest Charitable Giving Techniques in brief Summary of Split-Interest Charitable Giving Techniques Charitable Remainder Trust Allows the donor to provide a gift to charity (i.e., the remainder

More information

Estate and Gift Tax Planning: 2013 Update

Estate and Gift Tax Planning: 2013 Update Estate and Gift Tax Planning: 2013 Update Moira S. Laidlaw, Esq. Two Depot Plaza, Suite 203 Bedford Hills, New York 10507 mlaidlaw@laidlawfirm.com Disclaimer This is an overview not a complete statement

More information

the benefits of anestate Plan

the benefits of anestate Plan the benefits of anestate Plan Supporting UC Berkeley while ensuring your personal, financial, and philanthropic goals An effective estate plan reflects your life and values. Why you need an estate plan.

More information

Incentive Stock Options

Incentive Stock Options JPH Advisory Group Curtis Hearn, CFP 600 Galleria Pkwy Ste 1600 Atlanta, GA 30339 770-859-0076 curtis@jphadvisory.com www.jphadvisory.com Incentive Stock Options Page 1 of 6, see disclaimer on final page

More information

Instructions for Form 706 (Rev. August 2015)

Instructions for Form 706 (Rev. August 2015) Instructions for Form 706 (Rev. August 2015) For decedents dying after December 31, 2014 United States Estate (and Generation-Skipping Transfer) Tax Return Department of the Treasury Internal Revenue Service

More information

MILLER, MONSON, PESHEL, POLACEK & HOSHAW A PARTNERSHIP OF PROFESSIONAL LAW CORPORATIONS NEWSLETTER

MILLER, MONSON, PESHEL, POLACEK & HOSHAW A PARTNERSHIP OF PROFESSIONAL LAW CORPORATIONS NEWSLETTER A PARTNERSHIP OF PROFESSIONAL LAW CORPORATIONS NEWSLETTER 501 WEST BROADWAY, SUITE 700 SAN DIEGO, CALIFORNIA 92101-3563 TELEPHONE: (619) 239-7777 FAX NUMBER (619) 238-8808 April 2011 FIRM NEWS: The Ralph

More information

How To Help A Business With A Financial Crisis

How To Help A Business With A Financial Crisis FORENSIC ACCOUNTING, BUSINESS VALUATION & LITIGATION SUPPORT CONTACT US MICHAEL COHEN, CPA, CFE, Partner 949.261.8600 x 2149 mcohen@singerlewak.com JOHN KIRBY, ASA, JD 310.477.3924 x 1404 jkirby@singerlewak.com

More information

Stock Power Form for transferring shares, changing names, or adding a beneficiary

Stock Power Form for transferring shares, changing names, or adding a beneficiary ... Stock Power Form for transferring shares, changing names, or adding a beneficiary Section A: Current Owner Information A new form is needed for each account and company of stock for which you are transferring.

More information

ESTATE PLANNING FOR THE COMMERCIAL BUILDING OWNER. by: Donald B. Tipping, II

ESTATE PLANNING FOR THE COMMERCIAL BUILDING OWNER. by: Donald B. Tipping, II ESTATE PLANNING FOR THE COMMERCIAL BUILDING OWNER by: Donald B. Tipping, II Estate planning is the on going process of placing and owning your assets in the most tax advantageous method to minimize estate

More information

New York State Department of Taxation and Finance. Estate Tax Waivers

New York State Department of Taxation and Finance. Estate Tax Waivers Publication 603 (3/00) New York State Department of Taxation and Finance Estate Tax Waivers Note: An estate tax waiver is not required for the estate of an individual whose date of death is on or after

More information

Grantor Retained Annuity Trust (GRAT)

Grantor Retained Annuity Trust (GRAT) Element Insurance Partners 13520 California Street Suite 290 Omaha, NE 68154 402-614-2661 dhenry@elementinsurancepartners.com www.elementinsurancepartners.com Grantor Retained Annuity Trust (GRAT) Page

More information

Trust Services Overview

Trust Services Overview Trust Services Overview Independent Wealth Management Advisors PACIFIC PORTFOLIO Two Union Square 601 Union Street, Suite 4343 Seattle, Washington 98101 Phone: (800) 249-6426 Fax: (206) 623-6653 www.pacific-portfolio.com

More information

Living Trust Overview

Living Trust Overview Living Trust Overview TABLE OF CONTENTS WHAT IS PROBATE AND WHY DO YOU WANT TO AVOID IT? 2 THE HIGH COST OF DYING 2 A REVOCABLE LIVING TRUST ELIMINATES PROBATE 3 HOW A LIVING TRUST WORKS 3 REVOCABLE LIVING

More information

KURT D. PANOUSES, P.A. ATTORNEYS AND COUNSELORS AT LAW 310 Fifth Avenue Indialantic, FL 32903 (321) 729-9455 FAX: (321) 768-2655

KURT D. PANOUSES, P.A. ATTORNEYS AND COUNSELORS AT LAW 310 Fifth Avenue Indialantic, FL 32903 (321) 729-9455 FAX: (321) 768-2655 KURT D. PANOUSES, P.A. ATTORNEYS AND COUNSELORS AT LAW 310 Fifth Avenue Indialantic, FL 32903 (321) 729-9455 FAX: (321) 768-2655 Kurt D. Panouses is Board Certified by the Florida Bar as a Specialist in

More information

NAVIGATING AUDIT, APPEALS, AND LITIGATION: THE INTERNAL REVENUE SERVICE S PERSPECTIVE ON ESTATE AND GIFT TAX CONTROVERSIES

NAVIGATING AUDIT, APPEALS, AND LITIGATION: THE INTERNAL REVENUE SERVICE S PERSPECTIVE ON ESTATE AND GIFT TAX CONTROVERSIES NAVIGATING AUDIT, APPEALS, AND LITIGATION: THE INTERNAL REVENUE SERVICE S PERSPECTIVE ON ESTATE AND GIFT TAX CONTROVERSIES by Robin L. Klomparens POWER OF APPOINTMENT 1. POWER OF APPOINTMENT CAUSES- INCLUSION

More information

Federal Estate Tax. MontGuide

Federal Estate Tax. MontGuide Federal Estate Tax by Marsha A. Goetting, Ph.D., CFP, CFCS, Professor and Extension Family Economics Specialist; Joel Schumacher, Extension Associate Economics Specialist, Department of Agricultural Economics

More information

Estate Planning 101: The Importance of Developing an Estate Plan

Estate Planning 101: The Importance of Developing an Estate Plan Estate Planning 101: The Importance of Developing an Estate Plan SAN JOSE TEN ALMADEN BLVD. ELEVENTH FLOOR SAN JOSE, CA 95113 408.286.5800 MERCED 2844 PARK AVENUE MERCED, CA 95348 209.385.0700 MODESTO

More information

LAW OFFICES OF BRADLEY J. FRIGON, LLC PROBATE INTAKE FORM PERSONAL INFORMATION

LAW OFFICES OF BRADLEY J. FRIGON, LLC PROBATE INTAKE FORM PERSONAL INFORMATION Member National Academy of Elder Law Attorneys Member Special Needs Trust Alliance ** Certified Elder Law Attorney by the National Elder Law Foundation www.specialneedsalliance.com LAW OFFICES OF BRADLEY

More information

What Appraisers, Accountants, and Attorneys Need to Know About Business Valuation-Related Issues in Estate Planning

What Appraisers, Accountants, and Attorneys Need to Know About Business Valuation-Related Issues in Estate Planning What Appraisers, Accountants, and Attorneys Need to Know About Business Valuation-Related Issues in Estate Planning November 2, 2011 www.aicpa.org/fvs DISCLAIMER The views expressed by the presenters do

More information

CLIENT GUIDE. Advanced Markets. Estate Planning Client Guide

CLIENT GUIDE. Advanced Markets. Estate Planning Client Guide CLIENT GUIDE Advanced Markets Estate Planning Client Guide TABLE OF CONTENTS Why Create an Estate Plan?........................ 1 Basic Estate Planning Tools......................... 2 Funding an Irrevocable

More information

Incentive Stock Options

Incentive Stock Options Raymond James The Tyson Smith Group Tyson Smith Vice President 301 E. Pine Street Suite 1100 Orlando, FL 32801 407-648-4488 800-426-7449 tyson.smith@raymondjames.com www.thetysonsmithgroup.com Incentive

More information

Professional Real Estate Qualifications

Professional Real Estate Qualifications Professional Real Estate Qualifications Steven R. Fontes, MAI, CCIM Reinhart-Fontes Associates, Inc. Real Estate Appraisal Consultants 2285 Business Way Riverside, California 92501-2246 Office (951) 656-6036

More information

THE STATE BAR OF CALIFORNIA. Do I Need a Living Trust?

THE STATE BAR OF CALIFORNIA. Do I Need a Living Trust? THE STATE BAR OF CALIFORNIA Do I Need a Living Trust? 1. What is a living trust? 2. What can a living trust do for me? 3. Should everyone have a living trust? 4. How could a living trust be helpful if

More information

Special benefits for family businesses, ranches, and farms. The family business value reduction has the following requirements:

Special benefits for family businesses, ranches, and farms. The family business value reduction has the following requirements: Special benefits for family businesses, ranches, and farms If 50% or more of a person's estate is property of a family business, ranch or farm, there is a special estate tax provision that allows a value

More information

Estate Tax Concepts. for Edward and Tina Collins

Estate Tax Concepts. for Edward and Tina Collins Estate Tax Concepts for Edward and Tina Collins Joseph Davis, CLU, ChFC 215 Broad Street Charlotte, North Carolina 26292 Phone: 704-927-5555 Mobile Phone: 704-549-5555 Fax: 704-549-6666 Email: joseph.davis@aol.com

More information

Planning Ideas IRC Section 303 Redemptions

Planning Ideas IRC Section 303 Redemptions Planning Ideas IRC Section 303 Redemptions When a business owner client says he wants to leave his successful business to one or more of his children, a number of questions arise including the following:

More information

PROBATE AND ESTATE ADMINISTRATION

PROBATE AND ESTATE ADMINISTRATION PROBATE AND ESTATE ADMINISTRATION in Bucks County, Pennsylvania A Guide for Executors and Administrators in Bucks County The purpose of this guide is to provide a concise overview of the probate and estate

More information

How To Get A Private Annuity

How To Get A Private Annuity White Paper Estate Freeze Technique: Private Annuity www.selectportfolio.com Toll Free 800.445.9822 Tel 949.975.7900 Fax 949.900.8181 Securities offered through Securities Equity Group Member FINRA, SIPC,

More information

2015 Election to Claim the Qualified Small M706Q Business and Farm Property Deduction

2015 Election to Claim the Qualified Small M706Q Business and Farm Property Deduction 2015 Election to Claim the Qualified Small M706Q Business and Farm Property Deduction To be completed by the executor of the estate with a date of death after June 30, 2011, and qualified heirs. Decedent

More information

PROBATE IN NEVADA WHAT, WHY, AND HOW by Layne T. Rushforth

PROBATE IN NEVADA WHAT, WHY, AND HOW by Layne T. Rushforth WHAT, WHY, AND HOW by Layne T. Rushforth 1. What is Probate?: Probate generally refers to the court proceeding required to formalize the transfer of the assets 1 belonging to a deceased person ( decedent

More information

Bucks County Community College Foundation Gift Acceptance Policy

Bucks County Community College Foundation Gift Acceptance Policy Bucks County Community College Foundation Gift Acceptance Policy Introduction The Bucks County Community College Foundation (hereinafter referred to as the Foundation), a not-for-profit, independent 501(c)(3)

More information

Wealthiest Families Know: 2013 & Beyond

Wealthiest Families Know: 2013 & Beyond What the Wealthiest Families Know: 2013 & Beyond Determine How Estate Planning Strategies and Life Insurance May Help You Turn Your Goals into a Wealth Legacy Whether you acquired it or inherited it, wealth

More information

IRS Offers Filing and Penalty Relief for 2010 Estates; Basis Form Now Due Jan. 17; Extension to March Available for Estate Tax Returns

IRS Offers Filing and Penalty Relief for 2010 Estates; Basis Form Now Due Jan. 17; Extension to March Available for Estate Tax Returns Media Relations Office Washington, D.C. Media Contact: 202.622.4000 www.irs.gov/newsroom Public Contact: 800.829.1040 IRS Offers Filing and Penalty Relief for 2010 Estates; Basis Form Now Due Jan. 17;

More information

2012 IS A PERFECT STORM FOR GIFTING

2012 IS A PERFECT STORM FOR GIFTING Summer 2012 Editor: Julius Giarmarco, J.D., LL.M. Tenth Floor Columbia Center 101 West Big Beaver Road Troy, Michigan 48084-5280 (248) 457-7000 Fax (248) 457-7219 www.disinherit-irs.com Assistant Editor:

More information

Texas Probate Handbook

Texas Probate Handbook Texas Probate Handbook This handbook presents only a basic outline; no attempt has been made to address many of the legal issues that may arise during the administration of an estate in Texas. Persons

More information

OUTLINE OF HOW A DECEDENT S ESTATE IS ADMINISTERED Copyright 2007-2014 F. Michael Friedman

OUTLINE OF HOW A DECEDENT S ESTATE IS ADMINISTERED Copyright 2007-2014 F. Michael Friedman OUTLINE OF HOW A DECEDENT S ESTATE IS ADMINISTERED Copyright 2007-2014 F. Michael Friedman This memorandum outlines the general course by which a decedent s estate is handled in the Commonwealth of Pennsylvania.

More information

Robert J. Ross 1622 W. Colonial Parkway, Suite 201 (847) 358-5757 Inverness, Illinois 60067 Fax (847) 358-7088 Bob@RobertJRoss.com

Robert J. Ross 1622 W. Colonial Parkway, Suite 201 (847) 358-5757 Inverness, Illinois 60067 Fax (847) 358-7088 Bob@RobertJRoss.com Law Offices of Robert J. Ross 1622 W. Colonial Parkway, Suite 201 (847) 358-5757 Inverness, Illinois 60067 Fax (847) 358-7088 Bob@RobertJRoss.com ESTATE PLANNING Estate planning is more than simply signing

More information

Transferring Your Business Interest with a Buy-Sell Agreement

Transferring Your Business Interest with a Buy-Sell Agreement Besselman & Associates Patricia Ann Besselman CFP James M. Besselman, CLU, ChFC 111 Veterans Blvd. Ste. 360 Metairie, LA 70005 504-831-3506 pbesselman@besselmanandassoc.com Transferring Your Business Interest

More information

HERMENZE & MARCANTONIO LLC ESTATE PLANNING PRIMER FOR MARRIED COUPLES 2015 (New York)

HERMENZE & MARCANTONIO LLC ESTATE PLANNING PRIMER FOR MARRIED COUPLES 2015 (New York) HERMENZE & MARCANTONIO LLC ESTATE PLANNING PRIMER FOR MARRIED COUPLES 2015 (New York) I. Purposes of Estate Planning. II. A. Providing for the distribution and management of your assets after your death.

More information

The. Estate Planner. A TRU balances interests of current, future beneficiaries. International affairs

The. Estate Planner. A TRU balances interests of current, future beneficiaries. International affairs The Estate Planner September/October 2015 A TRU balances interests of current, future beneficiaries International affairs Special estate planning is necessary if you re a non-u.s. citizen Tenancy-in-common:

More information

ESTATE PLANNING OR NO ESTATE PLANNING?

ESTATE PLANNING OR NO ESTATE PLANNING? ESTATE PLANNING OR NO ESTATE PLANNING? Thomas F. Kennedy KENNEDY & ASSOCIATES Attorneys-at-Law Board Certified Estate Planning and Probate Law - Texas Board of Legal Specialization 5851 San Felipe, Suite

More information

THE USE OF LIVING TRUSTS IN ESTATE PLANNING

THE USE OF LIVING TRUSTS IN ESTATE PLANNING THE USE OF LIVING TRUSTS IN ESTATE PLANNING Margaret M. Hand Law Offices of Margaret M. Hand, PC 1939 Harrison Street, Suite 200 Oakland, California 94612 (510) 444-6044 (510) 444-7044 email@handlaw.com

More information

LIFE INSURANCE TRUSTS

LIFE INSURANCE TRUSTS LIFE INSURANCE TRUSTS Robert M. Mendell, JD, CPA* Robert M. Mendell, Attorney at Law, P.C. 908 Town & Country Blvd. Suite 120 Houston, Texas 77024 (713) 888-0700 Fax: (713) 888-0800 Email: rmendell@mendellgroup.com

More information

Wisconsin Probate. A Client's Guide to the Language and Procedure of Probate inn Wisconsin BAKKE NORMAN L A W O F F I C E S

Wisconsin Probate. A Client's Guide to the Language and Procedure of Probate inn Wisconsin BAKKE NORMAN L A W O F F I C E S Wisconsin Probate A Client's Guide to the Language and Procedure of Probate inn Wisconsin BAKKE NORMAN L A W O F F I C E S Welcome Thank you for considering Bakke Norman, S.C. to represent your interests.

More information

Probate Department 77 Fairfax Street, Suite 1A Berkeley Springs, WV 25411 Phone: (304) 258-8547 Fax: (304) 258-8545

Probate Department 77 Fairfax Street, Suite 1A Berkeley Springs, WV 25411 Phone: (304) 258-8547 Fax: (304) 258-8545 Probate Department 77 Fairfax Street, Suite 1A Berkeley Springs, WV 25411 Phone: (304) 258-8547 Fax: (304) 258-8545 PROBATE AND ESTATE ADMINISTRATION Morgan County, West Virginia The Probate Department

More information

Farmland Preservation An Estate Planning Tool

Farmland Preservation An Estate Planning Tool Fact Sheet 779 Farmland Preservation An Estate Planning Tool If current trends are left unchecked, Maryland could lose 500,000 acres of farmland, forests, and other open spaces to development over the

More information

Gift & Estate Planning. Giving Real Estate. Stewarding the Giver and The Gift >>

Gift & Estate Planning. Giving Real Estate. Stewarding the Giver and The Gift >> Gift & Estate Planning Giving Real Estate SM Stewarding the Giver and The Gift >> Focus on the Family, Attn: Gift & Estate Planning 8605 Explorer Drive Colorado Springs, CO 80920 800-782-8227 giftplanning@fotf.org

More information

FACT SHEET. Conservation easements can be. Estate Planning and Conservation Easements. Oct. 2013

FACT SHEET. Conservation easements can be. Estate Planning and Conservation Easements. Oct. 2013 FACT SHEET Oct. 2013 Estate Planning and Conservation Easements PHOTO: Edwin remsberg A conservation easement restricts development on the land. In exchange for this restriction, the landowner may receive

More information

The Legal Side of Estate & Succession Planning Peter B. Scott, Attorney Coan, Payton & Payne, LLC

The Legal Side of Estate & Succession Planning Peter B. Scott, Attorney Coan, Payton & Payne, LLC The Legal Side of Estate & Succession Planning Peter B. Scott, Attorney Coan, Payton & Payne, LLC Speaker Introduction Peter B. Scott, Attorney, Coan, Payton & Payne, LLC Greeley, CO Estate planning and

More information

Income, Gift, and Estate Tax Aspects of Crummey Powers After the 2001 Tax Act, Part 1

Income, Gift, and Estate Tax Aspects of Crummey Powers After the 2001 Tax Act, Part 1 p+pjan/feb04-web 2/2/04 2:01 PM Page 37 Income, Gift, and Estate Tax Aspects of Crummey Powers After the 2001 Tax Act, Part 1 By Sebastian V. Grassi Jr. T he need for Crummey withdrawal right trusts, such

More information

The Basics of Estate Planning

The Basics of Estate Planning The Basics of Estate Planning Timothy A. Nordgren Attorney at Law McPherson, Rocamora, Nicholson & Nordgren, PLLC Two Different Phases of Estate Planning Planning in the event of your incapacity (you are

More information

Draft 6 Betz & Devlin

Draft 6 Betz & Devlin Standard Estate Planning and Business Succession Terminology Karisha V. Devlin, University of Missouri Extension Roger A. Betz, Michigan State University Extension Draft 6 Betz & Devlin The purpose of

More information

Irrevocable Life Insurance Trust (ILIT)

Irrevocable Life Insurance Trust (ILIT) THE WEALTH COUNSELOR LLC Irrevocable Life Insurance Trust (ILIT) What Is the Irrevocable Life Insurance Trust? An irrevocable trust is one in which the grantor completely gives up all rights in the property

More information

Memorandum. Office of Chief Counsel Internal Revenue Service. Number: 200803016 Release Date: 1/18/2008 CC:PA:B03: POSTS-100069-07 UILC: 6324A.

Memorandum. Office of Chief Counsel Internal Revenue Service. Number: 200803016 Release Date: 1/18/2008 CC:PA:B03: POSTS-100069-07 UILC: 6324A. Office of Chief Counsel Internal Revenue Service Memorandum Number: 200803016 Release Date: 1/18/2008 CC:PA:B03: UILC: 6324A.00-00 date: October 11, 2007 to: Mary P. Hamilton Senior Attorney (Boston) (Small

More information

Balancing Bet-to Strategies

Balancing Bet-to Strategies Balancing Bet-to to-live and Bet-to to-die Strategies Presented By: Robert S. Keebler, CPA, MST, AEP Stephen J. Bigge, CPA CSEP Phone: (920) 593-1701 E-mail: robert.keebler@keeblerandassociates.com Circular

More information

Estate Planning Basics

Estate Planning Basics Estate Planning and issues involved The Basics Presented by: MARK HOLZGANG Understanding the tax issues and administrative issues involved. Estate Planning Basics for your Practice and Life Why? Estate

More information

RETIREMENT PLANNING FOR THE SMALL BUSINESS

RETIREMENT PLANNING FOR THE SMALL BUSINESS RETIREMENT PLANNING FOR THE SMALL BUSINESS PI-1157595 v1 0950000-0102 II. INCOME AND TRANSFER TAX CONSIDERATIONS A. During Participant s Lifetime 1. Prior to Distribution Income tax on earnings on plan

More information

Review Questions & Answers. Estate Planning

Review Questions & Answers. Estate Planning Review Questions & Answers Estate Planning 2003 2015, College for Financial Planning, all rights reserved. This publication may not be duplicated in any way without the express written consent of the publisher.

More information

GRANTOR RETAINED ANNUITY TRUSTS

GRANTOR RETAINED ANNUITY TRUSTS GRANTOR RETAINED ANNUITY TRUSTS A grantor retained annuity trust ( GRAT ) is one of several investment driven estate planning techniques that try take advantage of the applicable Section 7520 rate. 1 If

More information

Planning with the. Wyoming Close LLC

Planning with the. Wyoming Close LLC Planning with the Wyoming Close LLC Cecil D. Smith, JD & Carol H. Gonnella, JD WealthCounsel Chicago July 2011 Copyright 2004-2011 Cecil D. Smith, Carol H. Gonnella & Teton Publishers, LLC. Planning with

More information

Many people assume probate is a timeconsuming,

Many people assume probate is a timeconsuming, Many people assume probate is a timeconsuming, expensive process. While it does entail costs and take time, probate may be less cumbersome than you fear. This brochure presents basic information about

More information

Introduction to Estate Planning

Introduction to Estate Planning Bradford Yeater, GEPC 6755 Mira Mesa Blvd. Suite 123-127 San Diego, CA 92121 619-270-2358 bradford.yeater@lpl.com Introduction to Estate Planning Estate Planning can be as simple or complex as your needs

More information

How are trusts and estates taxed for income tax purposes?

How are trusts and estates taxed for income tax purposes? Income Taxation of Trusts and Estates How are trusts and estates taxed for income tax purposes? What are the general income tax rules for trusts? What are the general income tax rules for estates? What

More information

Estate Planning. Some common tools used to help meet those particular needs include:

Estate Planning. Some common tools used to help meet those particular needs include: Estate Planning The Importance of Having an Estate Plan Having an estate plan is one of the most important things you can do for your family. It's not just about planning for estate taxes; it's about developing

More information

Chapter IX. Lifetime and Testamentary Trusts Commonly Used in Estate Planning

Chapter IX. Lifetime and Testamentary Trusts Commonly Used in Estate Planning Chap. IX Lifetime and Testamentary Trusts... Jacobson & Becker 99 A. Overview and Purpose Chapter IX Lifetime and Testamentary Trusts Commonly Used in Estate Planning In this chapter we will examine the

More information

STEP-BY-STEP GUIDE TO THE PROBATE PROCESS

STEP-BY-STEP GUIDE TO THE PROBATE PROCESS STEP-BY-STEP GUIDE TO THE PROBATE PROCESS TABLE OF CONTENTS Probate Process Flowchart....................................................... 1 How To Determine Probate Assets.................................................

More information

Estate Planning and Oil and Gas Leasing

Estate Planning and Oil and Gas Leasing July 2010 1 Estate Planning and Oil and Gas Leasing 700 Security Mutual Building 80 Exchange Street Binghamton, New York 13902-5250 (607) 723-5341 Wilbur (Bud) D. Dahlgren, Esq. Jon J. Sarra, Esq. Ryan

More information

Consumer Legal Guide. Your Guide to a Living Trust

Consumer Legal Guide. Your Guide to a Living Trust Consumer Legal Guide Your Guide to a Living Trust WHAT IS A LIVING TRUST? Most of us share the same objectives for our estate plan: 1) Provide for our spouse or dependent children; 2) distribute our property;

More information